Jul
31

Chicago Home Prices Post Nation’s Largest Gains

July 31, 2012

Now, here’s some great Chicago real estate news.

Chicago-area home prices in May increased more than any other major metropolitan area in the country.

According to the S&P/Case-Shiller Home Price Index, the leading measure of U.S. home prices, metro Chicago home prices rose 4.5 percent from April to May.

That was not only the greatest improvement of the 20 metro areas included on the index, it was also the biggest one-month improvement Chicago has seen since the index began tracking these numbers back in 1987.

Despite the improvement, Chicago-area home prices in May were still down 3 percent from the average home prices in May 2011 and are 35.6 percent below prices recorded when the market peaked in September of 2006.

But posting the best monthly improvement in the country is certainly a step in the right direction, especially considering that all 20 metropolitan areas on the index showed month-over-month price gains and posted the best annual improvements in 18 months.

“With May’s data, we saw a continuing trend of rising home prices for the spring,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “On a monthly basis, all 20 cities and both Composites posted positive returns and 17 of those cities saw those rates of change increase compared to what was observed for April. Seventeen of the 20 cities and both Composites also saw improved annual
rates of return.

“We have observed two consecutive months of increasing home prices and overall improvements in monthly and annual returns; however, we need to remember that spring and early summer are seasonally strong buying months so this trend must continue throughout the summer and into the fall.

“The housing market seems to be stabilizing, but we are definitely in a wait-and-see mode for the next few months.”

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